Analysts at RBC Capital provided their outlook on Adobe Inc. (NASDAQ:ADBE) ahead of the upcoming Q3/22 earnings announcement.

Year-to-date, results have been above expectations but investor sentiment has remained more muted around the macro with questions focusing on the strength of the implied Q4 guide. According to the analysts, Q3 results will likely resolve the bridge question since they think Q4 seasonality could look less pronounced following another solid result in Q3 as creative cloud and DX both remain resilient.

The analysts expect a slight Creative Cloud upside to growth relative to the Street estimates. The analysts expect better-than-expected Digital new media ARR (vs. Street’s $432 million), total revenue (vs. Street’s $4.44 billion), Digital media revenue (vs. Street’s $3.25 billion), and EPS (vs. Street’s $3.34).